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Hong Kong stocks rose, the Hang Seng Tech Index turned positive, and the Hang Seng Index narrowed its decline to 0.29%. It had previously fallen by more than 1%.On March 7, Wang Yi said when talking about Sino-US relations that mutual respect is an important prerequisite for Sino-US relations. If you fail to do something, you should look for the reasons within yourself. The United States should review what it has gained from the tariff war and trade war in recent years. Has the trade deficit expanded or shrunk? Has the competitiveness of the manufacturing industry increased or decreased? Has inflation improved or worsened? Has the peoples lives improved or worsened? Sino-US economic and trade relations are mutual and equal. If you choose to cooperate, you can achieve mutual benefit and win-win results. If you blindly exert pressure, China will resolutely counter it.March 7, Wang Yi: China has been working for peace since the first day of the crisis. The negotiation table is the end of the conflict and the beginning of peace.March 7th, Wang Yi: There are more than 190 countries in the world. Just imagine, if every country emphasizes its own national priority and believes in strength and status, then the world will return to the law of the jungle.Pricing documents show that Qatar set the April offshore crude oil price at a premium of $2.10 per barrel over the Oman/Dubai average price, and the onshore crude oil price at a premium of $1.85 per barrel over the Oman/Dubai average price.

The Release of U.S. Petroleum Reserves Decreases Oil Prices

Aria Thomas

Feb 14, 2023 16:50

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Oil prices dipped on Tuesday as the U.S. government announced it will release extra petroleum from its Strategic Petroleum Reserve (SPR) in accordance with a congressional mandate, contrary to some traders' predictions that the delivery would be canceled or postponed.


By 07:30 GMT, Brent crude futures had dropped by 43 cents, or 0.5%, to $86.18 per barrel, while U.S. crude futures had decreased by 71 cents, or 0.85%, to $74.33 per barrel.


After the conclusion of the previous session, the U.S. Department of Energy (DOE) announced that it will sell 26 million barrels of oil from the Strategic Petroleum Reserve, a move that would likely reduce the reserve to its lowest level since 1983.


Edward Moya, an analyst at OANDA, stated, "Energy markets expected to hear news about restocking the SPR and not tapping them for fresh supplies."


The DOE contemplated canceling the fiscal year 2023 sale after the government of former U.S. President Joe Biden sold a record 180 million barrels from the reserve in fiscal year 2018. However, this would have necessitated congressional action to alter the mandate.


January's critical consumer price index (CPI) statistics for the United States will be released on Tuesday. In the previous two months, monthly consumer prices in the United States grew instead of declining, increasing the likelihood of greater inflation readings in the coming months.


Tina Teng, an analyst at CMC Markets, stated, "Any data that exceeds expectations may prompt a fresh sell-off in risk assets, particularly oil."


After the Energy Information Administration projected record March production from the seven largest U.S. shale basins, supply fears also diminished. A significant Turkish port restarted crude shipments after a severe earthquake shook the area.


"Oil is on the defensive, and things might get worse if inflation proves more difficult to control," said Moya of OANDA.

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